Abstract

RAMIREZ VIGOYA, ALEJANDRO  and  RODRIGUEZ ZAMBRANO, HERNANDO. STRUCTURAL VAR ANALYSIS OF MONETARY POLICY IN COLOMBIA. Rev.fac.cienc.econ. [online]. 2013, vol.21, n.2, pp.17-41. ISSN 0121-6805.

This article is based on structural VAR methodology, considering short term restrictions imposed by an AD-AS macroeconomic model to identify contemporary relations among system endogenous variables imposed aggregated supply, LM and MR curves. Dynamic shock effects in the Central Bank's (Banco de la República) intervention rate are also analyzed on economic growth and inflation. Results of MR Contemporary curves point out that the relationship is statistically significant and positive contemporary among Central Bank's (Banco de la República) intervention rate and inflation. The dynamic path through impulse response analysis indicates that only positive shocks of intervention rate in difference have lagged and cyclic negative effects on inflation. Positive shocks to monetary policy have negative and significant effects on economic growth. Through variance decomposition, the author found that monetary policy shocks present higher accumulated effects in economic growth than in inflation and in the case of inflation these effects only present when intervention rate is a difference ecuation.

Keywords : Quality Management; Production process standardization; Process management.

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